Nigeria’s January inflation rate hits 29.90%

The inflation rate in Nigeria rose to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2024.

The National Bureau of Statistics (NBS), which released the figures on Thursday, explained that the Food inflation rate in January 2024 was 35.41 per cent on a year-on-year basis, which was 11.10 per cent higher compared to the rate of 24.32 per cent recorded in January 2023.

According to the NBS report, in January 2024, the headline inflation rate increased to 29.90 per cent relative to the December 2023 headline inflation rate, which was 28.92 per cent.

Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98 per cent points when compared to the December
2023 headline inflation rate.

Similarly, on a year-on-year basis, the headline inflation rate was 8.08 per cent higher compared to the rate recorded in January 2023, which was 21.82 per cent.

This shows that the headline inflation rate, on a year-on-year basis, increased in January 2024 when compared to the same month in the preceding year.

Furthermore, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 per cent higher than the 2.29 per cent rate recorded in December 2023.

This means that in January 2024, the rate of increase in the average price level will be higher than the rate of increase in the average price level in December 2023.

The NBS added that the rise in Food inflation on a year-on-year basis was caused by increases in the prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.

“On a month-on-month basis, the food inflation rate in January 2024 was 3.21 per cent; this was 0.49 per cent higher compared to the 2.72 per cent rate recorded in December 2023.

“The rise in food inflation on a month-on-month basis was caused by a rise in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fish, meat, tobacco, and vegetables.

“The average annual rate of Food inflation for the twelve months ending January 2024 over the previous twelve-month average was 28.91 per cent, which was a 7.38 percent point increase from the average annual rate of 21.53 per cent change recorded in January 2023,” the NBS stated.

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